VEEM Ltd (ASX:VEE) and Aurora Labs Limited (ASX:A3D) have signed a non-binding term sheet to investigate the potential of Aurora’s 3D printing and large format technology to deliver cost and efficiency savings for the manufacture of VEEM’s specialist technology, including its propellers, fin systems and world-leading gyrostabilisers.
Aurora Labs is an Australian technology and innovation company specialising in the development of 3D metal printers, powders and digital parts. Aurora is currently testing revolutionary industrial grade, high speed, large format 3D metal printers that can be used for large-scale industrial manufacturing on a cost-effective basis.
VEEM Ltd is a manufacturer of high technology Marine Propulsion & Stabilization Systems. VEEM Managing Director Mark Miocevich said “there is huge potential in the use of 3D printing technology to manufacture a range of complex components used in VEEM products, medium and large format 3D printing, especially using metal alloys, is notoriously challenging,” Mr Miocevich said. “Reliability and endurance are critical for high- intensity applications.
“Aurora’s Large Format Printer, if proved, could provide real cost and productivity improvements for VEEM.” The agreement between VEEM and Aurora Labs is based on a 4-stage process:
- VEEM reviewing and critically analysing Aurora Products and their potential capabilities (Stage 1);
- Aurora assisting VEEM to assess the potential value to VEEM of utilising Aurora Products in VEEM’s operations (Stage 2);
- The parties identifying and evaluating potential opportunities to secure government research and development (R&D) incentives, grants or funding for projects related to the Venture Program (Stage 3);
- VEEM being provided with the opportunity of making an equity investment in Aurora (Stage 4).
Aurora Labs Managing Director David Budge said “VEEM is at the forefront of technology development and innovation, making them an ideal industry partner for Aurora.”
VEEM products are supplied to some of the world’s leading shipbuilders and marine suppliers including ASC, Austal, Rolls Royce and Volvo. VEEM propellers and fin systems are in use on recreational, commercial and defence platforms globally.
In May 2018, the VEEM Gyrostabilizer VG260SD was selected by Friere Shipyard (Spain) as the roll stabilisation system for a 42m fishery patrol vessel for the Government of Kuwait. In June, Europe’s second largest shipbuilder, Damen, conducted sea trials using VEEM Gyrostabilizers off Rotterdam, Holland. Results of the sea trials are due to be announced soon.
Aurora Labs has developed the most advanced process we have evaluated and represents a significant step forward in large and rapid 3D printing.”
Mr Miocevich noted that the finite nature of natural resources and the full cost of energy are precipitating a move away from traditional reductive manufacturing.
“Additive manufacturing through 3D printing is developing rapidly around the world,” Mr Miocevich said.
“From being an expensive option for small components, recent technical developments in 3D printing point the way toward larger sizes and far more rapid production rates.”
“VEEM is excited to be able to partner with Aurora Labs to bring the future of additive manufacturing into the present, VEEM sees itself as a role model company for the Australian Government’s drive to develop high-end manufacturing exports,” Mr Miocevich said. “This agreement with Aurora, another great Australian technology innovator, is a great step forward for both companies.”
To learn more about Aurora Labs, please visit www.auroralabs3d.com.
Read the full ASX announcement here.